Brent oil price touches the extended target – Analysis - 02-12-2022
Economies.com
2022-12-02 05:12AM UTC
Brent oil price succeeded to achieve our extended target at 88.67 and found solid resistance there, to rebound bearishly and test the EMA50 now, noticing that stochastic got rid of its negative momentum to reach the oversold areas, waiting to motivate the price to resume the correctional bullish wave, which its targets begin by surpassing the mentioned level to open the way to head towards 91.06 as a next positive target.
On the other hand, we should note that breaking 85.70 will stop the expected rise and push the price back to the main bearish track again.
The expected trading range for today is between 85.70 support and 89.50 resistance.
The expected trend for today: Bullish
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